Dubai Electricity and Water Authority (DEWA) demonstrated its financial strength with a robust net profit of 1.8 billion dirhams ($490 million) for the fourth quarter of 2023, marking a notable 15% increase compared to the same period in the previous year. This impressive growth trajectory was underpinned by the company's record-breaking revenues, illustrating its resilience and adaptability in the face of evolving market dynamics and challenges. Despite facing some headwinds, DEWA's full-year net profit stood at a commendable AED 7.9 billion, showcasing its ability to navigate through various economic conditions while maintaining solid financial performance.

The alignment of the Q4 net profit with analysts' expectations, coupled with the surpassing of full-year estimates, which reached AED 7.6 billion according to LSEG data, reflects DEWA's consistent delivery of results and its strategic positioning in the market. DEWA's revenue growth story is equally impressive, with consolidated revenue for the fourth quarter surging by 6% year-on-year to AED 7.1 billion. This positive momentum extended throughout the fiscal year, as full-year revenue increased by 7% to AED 29.2 billion. These figures, disclosed in a regulatory statement on the Dubai Financial Market (DFM), underscore DEWA's commitment to transparency and shareholder value.